Journalise the revaluation of the assets

Assignment Help Financial Accounting
Reference no: EM132499726

Cost of asset (purchased 01/01/16) 100 000

Accumulated depreciation (31/12/19) (40 000)

Carrying amount 31/12/19 60 000

Expected useful life (straight line) 10 years

Net replacement value $90 000

Gross replacement value $150 000

It is company policy to revalue assets on the:

a) Net replacement value basis

b) Gross replacement basis

Required:

Question 1: Journalise the revaluation of the assets according to the two allowed alternatives in accordance with IAS 16

Reference no: EM132499726

Questions Cloud

Determine and how the impairment loss in sharon is allocated : Show how the impairment loss in Sharon is allocated amongst the assets. the assets at the reporting date of Sharon were as follows.
Determine the npv for the project in krw : The current spot foreign exchange rate is KRW/GBP = 3.75. Determine the NPV for the project in KRW.
Determine the size of the final payment if interest : A debt of $5000.00 is to be repaid by payments of $2000.00 after two years, $2500.00 after three years and a final payment after five years.
What is the price of a european call option : If the risk-free interest rate is 4 percent, what is the price of a European call option with the same maturity and strike price?
Journalise the revaluation of the assets : Journalise the revaluation of the assets according to the two allowed alternatives in accordance with IAS 16,Net replacement value basis
What is current yield : They have a 9-year maturity, 6.25 percent coupon rate and a par value of $1000. What is their current yield?
Reflective learning journal : Critical review and evaluation of literature on selected topic - Project management plan for Project Scope, Schedule and Cost
Show depreciation and carrying amount of the machine : Show how this matter will be disclosed in PPE note for the year ended 31 December 2019. Machine is the only asset of the entiry.
Terms of the closing price of the stock : Assume an investor writes a call option at a strike price of $50 for a premium of $4. This is a naked option.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the number of equivalent units of production

Determine the number of equivalent units of production for materials and conversion during October. - Determine the cost per equivalent unit for materials and conversion and the total cost per equivalent unit.

  Realized on the sale

What is the amount that Anne realized on the sale-What is the adjusted basis of Anne's home?

  Selling the assets in separate years

Explain why selling the assets in separate years will result in greater tax savings for Aruna

  Self-employment income and taxpayer prefer

Pat generated self-employment income in 2016 of $76,000. The self-employment tax is: The taxpayer’s marginal tax bracket is 25%. Which would the taxpayer prefer?

  Prepare general journal entries to record maverick ltd

Maverick Ltd issued a prospectus to the public offering 10 million shares at $1.50 each on 1 July 2018. The prospectus specified that $0.70 per share

  Difference between financial and managerial accounting

Difference between financial accounting and managerial accounting.

  Provide repair and maintenance coverage

Identify several of the variable, mixed, and fixed costs that the Polaris services department is likely to incur in carrying out its services and how do you expect the costs identified in part 1 to change, if at all?

  How much of this loss may corbin deduct

Corbin has a $15,000 basis in his 50% ownership in an S corporation and lent the corporation $5,000 last year. The corporation has $30,000 of other debt. This year the corporation reported a $100,000 loss. How much of this loss may Corbin deduct?

  Present value of the monthly lease payments equals

On January 1, year 1, Jang Co. signed a 7-year lease for equipment having a 10-year economic life. The present value of the monthly lease payments equals 80% of the equipments’ fair value. The lease agreement provides for neither a transfer of title ..

  Bad debt expenses debited in the income statement based on

bad debt expenses debited in the income statement based on the details.bad debts analysis allowance account nbspon

  What would be percentage appreciation on the stock bought

What would be percentage appreciation on the stock bought by the venture investors versus the investment appreciation for the founders?

  The journal entry to record the issuance

A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to record the issuance is:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd